Crude flat prices slipped on Friday closing the week in loss. The benchmarks gained in the beginning of the week followed by U.S Hormuz Shipping Advisory, recovered later on as Iran concerns abated. Time spreads largely unchanged as Brent futures curve largely moved along with the slip in flat pricing. The prompt timespreads remained modestly but steadily backwarded with Brent strongest. On the data side, Inventories massively built up in U.S with draws across ARA Europe. Light distillates stocks exceptionally high in Singapore. Market positioning data showed that investors preferred to stay away from the market. On the supply side, OPEC+ group expected to resume it hiking cycle from March meet. IEA monthly numbers pained bearish picture as the demand outlook leaned while supply numbers expected to be high.
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